CPI(M) leader Karat had termed the Centre's demonetisation move as a completely misconceived project during a protest.

CPI (M) leader Brinda Karat (Image Source: Getty)

Communist Party of India (Marxist) leader and polit bureau member Brinda Karat claimed on Sunday that 95 per cent of the black money was still intact in non-currency forms.

She further alleged that instead of targeting it, the Centre wants to "conceal the identities" of those hoarding illegal wealth.

She said withdrawal of 14 lakh crore currency notes from circulation and illegalising it does not make any "logical sense because 90 to 95 per cent of the black economy is intact in land, real estate, foreign banks, (including) Swiss banks, Panama papers and gold."

"So these are the main avenues of black money and instead of attacking it, (Narendra) Modi's government wants to conceal the identities of the culprits," the CPI(M) polit bureau member told reporters on the sidelines of a function.